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Normally "gazundering" without any frame of reference or comparable might be considered underhand but I think another seller in the same block that is more attractive to you is good enough reason.

Given that they must have been built at the same time, why does flat A need £30k spending on it and flat B not? The new seller clearly thinks (or has been guided) that his/her betterment is worth £5k more than your purchase. Given the new seller may well accept an identical price of £370k, then where would you stand?

You don't need morals, you need a clear head. Even though you may be borrowing a portion of the purchase price, imagine 37 million pennies stacked up on the table. It's a hell of a lot of money and you should choose and spend it wisely.

What would you do if they refused.. the seller may need a price for their onward purchase / pay off mortgage or had other offers that makes them unwilling to back down. Or they might just not trust you and refuse even if you backtrack to the original price. Are you happy to walk and lose all the fees + time so far?

When you made the offer you thought the price was a good one and knew that there would be extra costs. Under those circumstances I think it would be wrong to renege on the deal. If someone tried that on me the flat would be on the market the next day - what confidence would I have that you wouldnt try the same trick again?

So if you still want the flat go ahead at the agreed price. If not pull out now.

I guess it depends also the area you are buying in. If it's an area where prices are falling, and now this similar cheaper property is on the market nearby, then your seller may now accept your point that it is not worth 375.

Remember a house is only worth what someone is willing to pay for it, so if you don't want to pay 375, then don't, and offer something less.

When you made the offer you thought the price was a good one and knew that there would be extra costs. Under those circumstances I think it would be wrong to renege on the deal. If someone tried that on me the flat would be on the market the next day - what confidence would I have that you wouldnt try the same trick again?

So if you still want the flat go ahead at the agreed price. If not pull out now.

You can try it and see what happens. But do come back to tell us how you get on - as many contributors who have said they wanted to backtrack before have seemed reluctant to come back to say what happened

The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln

Asking price is meaningless. Some estate agents inflate their prices to get the sale, then after two weeks the buyer is forced to lower them because nobody is interested.
I'm still laughing at a local house that was out at the same price as the house next door, except that the other one had one extra bedroom, and it was really nice, while this one needs a lot of work.
There is an add on for Firefox that lets you see the ad history on Rightmove, and the first price often is not the same asking price when the property is finally sold.
What you really need to check are actual sale prices, Rightmove lets you do that too, through Land Registry records.

Just as we were about to exchange contracts on the sale my Grandmothers house another house a few doors away went on the market for a slightly lower price (and Grans house was in much worse condition). We held our breath in case our buyers spotted it and came back with a lower offer. We felt we would have had no choice other than accept a lower offer or lose the sale. Fortunately for us they didn't spot it and we completed at the agreed price.
In your position I would just go back to your vendors and tell them about the other flat and tell them you are considering reducing your offer. See what reaction you get and take it from there - you could perhaps meet in the middle.

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